Table 5 Robustness check (1) (2) (3) (4)...

Table 5

Robustness check

	(1)	(2)	(3)	(4)	(5)	(5)
Variables	Restate	Ln(Audit fee)	Restate	Ln(Audit fee)	Restate	Ln(Audit fee)
Total delay	−0.052*	0.108***	−0.048*	0.046*	−0.058**	0.056*
Total delay	[−1.66]	[2.71]	[−1.82]	[1.73]	[−2.21]	[1.78]
Controls	YES	YES	YES	YES	YES	YES
Firm FE	YES	YES	YES	YES	YES	YES
Year FE	YES	YES	YES	YES	YES	YES
Auditors’ location FE	NO	NO	YES	YES	NO	NO
City pairs	NO	NO	NO	NO	YES	YES
Observations	25,124	25,124	24,966	24,966	24,915	24,915
Adjusted R²	0.265	0.929	0.413	0.938	0.381	0.932

	(1)	(2)	(3)	(4)	(5)	(5)
Variables	Restate	Ln(Audit fee)	Restate	Ln(Audit fee)	Restate	Ln(Audit fee)
Total delay	−0.052*	0.108***	−0.048*	0.046*	−0.058**	0.056*
Total delay	[−1.66]	[2.71]	[−1.82]	[1.73]	[−2.21]	[1.78]
Controls	YES	YES	YES	YES	YES	YES
Firm FE	YES	YES	YES	YES	YES	YES
Year FE	YES	YES	YES	YES	YES	YES
Auditors’ location FE	NO	NO	YES	YES	NO	NO
City pairs	NO	NO	NO	NO	YES	YES
Observations	25,124	25,124	24,966	24,966	24,915	24,915
Adjusted R²	0.265	0.929	0.413	0.938	0.381	0.932

Note(s): This table shows multiple regression results for the relationship between flight delay and audit effort. Column (1) and (2) add firm-fixed effects. We control for the auditors’ location in the next two columns. For the last two columns, we further control the city pairs between firms’ location and auditors’ location. We add control variables, which are described in Appendix, in columns (2) and (4). Standard errors are clustered by firm and t-statistics are shown in parentheses. Significance level: ***p < 0.01, **p < 0.05, *p < 0.1

Source(s): Table by authors

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